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Best mortgage for a UK investor trying to buy property in the States?

Discussion in 'North America Real Estate' started by Creative Source, Mar 28, 2008.

  1. Creative Source

    Creative Source New Member

    Hi all,

    I am a UK investor interested in buying in the States. I am looking for a mortgage with the best terms and conditions with regards to interest rates and paying it off options. I am doing a lot of research on the net but wonder what you all thought.

    Also, given the weak $, should I get the loan in $s or £s, considering one would expect the $ to get stronger in the next 5 years against the £?

    Thanks in advance.

    best wishes

    Silva
     
  2. Damian George

    Damian George New Member

    Hi Creative Source,

    I can recommend a few different guys but a US mortgage for an uk investor is quite tricky at the moment - send me your contact details.

    I would go for a US mortgage and lock in the rate for 5 yrs if you can and fix the US dollar rate ASAP

    Good Luck
     
  3. deejay-55

    deejay-55 New Member

    There are still 70% LTV mortgages available from US lenders to UK citizens for Orlando property. Don't know about other states.
     
  4. Damian George

    Damian George New Member

  5. rumpola

    rumpola New Member

    I know guys in the US (Orlando), that can get mortgages for foreign nationals at up to 75% LTV, although apparently its getting harder and harder to get them now due to the Sub-Prime fiasco.
     
  6. RebelYell

    RebelYell New Member

    Hi,
    another method you can look into is to buy 'Subject-To' the existing finance. You basically take over the existing loan repayments on a property that is usually in foreclosure. You don't need to pay the usual mortgage establishment fees or apply for finance to the bank. This method is actively used by US investors.

    rgds,
    RebelYell
     
  7. Creative Source

    Creative Source New Member

    Dear Rebel

    Banks are so nervous these days I don't think taking over a repayment is open to non-US citizens.

    The best rate I am getting right now is 6.3% for property classed as a '2nd home'

    CS
     
  8. RebelYell

    RebelYell New Member

    Hi CS,
    the bank have no issue with this, as the name on the mortgage does not change. You make the payments though. Whether you are a resident or not isn't relevant. Type 'Subject-To' into Google and have a read - interesting stuff.

    Rebel
     
  9. berniewall

    berniewall New Member

    HI,

    I have had my offer accepted on a property in Davenport Florida, my broker is now down to one lender in this area, as apparenty First Bank Florida has just pulled out of Davenport Mortgages, this is a UK lender looking for loan to value of 70%. Does anyone have any other recommendations please.

    Thanks
    Bernie
     
  10. Damian George

    Damian George New Member

  11. RebelYell

    RebelYell New Member

    Hi Bernie,
    as a matter interest, is your offer subject to obtaining finance or not ?

    RebelYell
     
  12. Damian George

    Damian George New Member

    Hi Creative Source,

    did you manage to sort your mortgage out?

    Also if you need US Dollars drop me a line or call as it looks like a good time to buy as i think we may head a little lower

    Damian
     
  13. berniewall

    berniewall New Member

    Yes, I have the deposit but need to sort out the finance, 2 weeks ago I could have got a 75% loan to value from First bank Florida, now they do not lend for propeties in Davenport Orlando!
     
  14. berniewall

    berniewall New Member

    Thanks I'll bear that in mind...Unfortunately I send quite a lot over last Friday! Do you have a minimum amount to send?

    Cheers
    Bernie
     
  15. Damian George

    Damian George New Member

  16. Creative Source

    Creative Source New Member

    Hi Damian

    I managed to find a loan from an American Bank for British citizens wanting to buy in Manhattan where I put 35% down. Recently they also offered a rate where I could put 20% down.
    I will need to buy US $ through out the next couple years so I would be interested in what you can offer.

    Cheers!

    CS
     
  17. berniewall

    berniewall New Member


    Do you think the 'subject-to' method would be open to foriegn nationals and how would I find out about it?
     
  18. RebelYell

    RebelYell New Member

    No Mortgage

    Hi bernie,
    from what I have experienced, the subject-to strategy only works in a pre-foreclosure situation where an existing home owner is being foreclosed upon and is about to lose their home. By taking over the mortgage and being also provided with the deed, you are effectively able to 'get finance' on a US property.

    I'm not sure that it applies to your situation, but I have worked deals this year that meant I can buy cashflow positive property, without requiring a large cash deposit.

    Are you able to get your cash back if finance falls thru ?

    rgds,
    RebelYell
     
  19. berniewall

    berniewall New Member


    So far I have only put down $1000 and that is what I stand to loose, I think the loan outstanding on this property is way above the selling price so I taking over the mortgage is probably not an option.

    Steve from Key mortgages could not find a suitable lender, so I'm pretty stumped. My brokers in the US have only one lender, who put a product back on the market on Friday, that will lend to foriegn nationals, but they are not sure if I will meet the criteria as this will be my 3rd home!!

    I am considering raising the funds over here, does anyone have any advise on that option please....

    It is so frustrating, I have the downpayment, excellent payment history on both the other loans but just can't get the finance!!!

    Thanks for all the advise and contacts.
    Bernie
     
  20. Creative Source

    Creative Source New Member

    Hey Damian!

    Thanks for the fast and efficient service with buying US $s. You definitely got me the best rate and I wish I found you a few months ago! I will contact you shortly as I will be needing more US $ soon. Take care mate.

    CS
     
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